USD 6.2 Billion
Polymer Resin Market Size, Share, Growth Analysis, By Resin Type(Polystyrene, Polyethylene, polyvinyl Chloride, Polypropylene), By Application(Electrical & Electronics, Construction, Medical, Automotive), By Product(Crystalline Resins, and Non-crystalline Resins), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2421 |
Region:
Global |
Published Date: April, 2024
Pages:
180
|Tables:
97
|Figures:
73
Polymer Resin Market Insights
Polymer Resin Market size was valued at USD 6.2 Billion in 2022 and is poised to grow from USD 6.7 Billion in 2023 to USD 13.43 Billion by 2031, growing at a CAGR of 8.97% in the forecast period (2024-2031).
The technological equivalent of naturally occurring herbal products is polymer resin, and polymer resin begins as a permanently stable, viscous liquid after exposure to air for a predetermined length of time. Hydrocarbon fuels including natural gas, crude oil, coal, salt and sand are used as the main building blocks for polymer resin. Manufacturers of raw materials that convert intermediates into polymer resins and processors that convert these materials into finished products are the two major components of the polymer resin industry. Producers of monomers with resin intermediates or polymerization processes are used to synthesize polymers for raw materials. Crude polymeric products are typically manufactured and sold as liquid adhesives, coatings, and resins, although they can also be purchased in bulk as pellets, powders, granules, or sheets. Manufacturers generally use cracking techniques to convert petroleum hydrocarbons into polymeric alkenes such as ethylene, propylene, and butylene.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Crystalline Resins
Fastest Growth
Non-Crystalline Resins
Growth Rate
8.97% CAGR
Global Polymer Resin Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Polymer Resin Market Segmental Analysis
Based on resin type, the polymer resin market segmentation includes polystyrene, polyethylene, polyvinyl chloride, polypropylene, expandable polystyrene, and others. The polymer resin market segmentation, based on application, includes electrical & electronics, construction, medical, automotive, consumer, industrial, packaging, and others. Based on product, the polymer resin market segmentation includes crystalline resins and non-crystalline resins. By Region, the report provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World.
Polymer Resin Market Analysis by Application
The automotive sector is a dominating segment at a rapid CAGR during the forecast period aided by increasing use of plastics in automotive components, as well as production of passenger cars and heavy vehicles, especially in Asia Pacific and Central & South America. Plastic resin offers a great deal of design flexibility, allowing for sophisticated materials and features that can be modified to suit specific vehicle specifications.
The medical applications segment is also expected to witness a significant increase in the adoption of plastic resins. Resins are commonly used for medical devices because they provide clarity, cost-effectiveness and biocompatibility with Polyethylene (PE) and several polymers such as polystyrene (PS). Plastic resins are generally less expensive than other materials, resulting in cheaper chemicals and equipment.
Polymer Resin Market Analysis by Product
Crystalline resins sector dominated the market, holding a 54.9% share by 2023. Due to its nature, the demand for crystalline resins is estimated to witness an increase. They grow under conditions such as wear, bearings and structural loads. Crystalline resins are widely used in packaging for their durability and barrier properties, as well as for consumer packaging in the growing e-commerce industry.
Crystalline resins have a high melting point and are stable and unaffected by solvents. Their crystalline nature strengthens them and reduces shock resistance. Broadly, there are three different types: epoxy resin, polyethylene and polypropylene. Polyvinyl chloride is one of the most widely used thermoplastic polymers worldwide. Without plasticizers, PVC is much softer. It is used in specific manufacturing, textile fibers, and health care industries. PVC is used in the construction industry for insulation around electrical wiring and especially in flooring applications as a rubber substitute.
In general, non-crystalline resins segment exhibit lower melting point and better flow properties compared to crystalline resins. This leads to a wide range of manufacturing processes, such as injection molding, extrusion molding and blow molding. Many non-glass resins such as polycarbonate and acrylics are known for their excellent light transparency. This transparency makes them ideal for applications in industries such as optics, electronics, and consumer goods where transparency or transparency is desired. In general, amorphous resins exhibit better impact resistance compared to their crystalline counterparts. These properties make them suitable for applications that require rigor and durability, such as the manufacture of safety equipment, automotive parts and accessories.
Global Polymer Resin Market By Product (%)
To get detailed analysis on other segments, Request For Free Sample Report
Polymer Resin Market Regional Insights
Rising demand for packaging from food, beverage and cosmetic industries is expected to drive the market growth in North America. Increasing demand for packaging, electronics, consumer goods, and other manufacturing products is set to witness significant growth in the region. This is driving the market growth with growing economies in the region in which technological advances help. The increasing awareness of beauty and personal care has increased the consumption of cosmetic products in the region, driving demand for packaging materials from cosmetic manufacturers. Thus, this increase in packaging will create opportunities for finishing product growth in North America.
Asia-Pacific accounted for a market size of USD 268.20 billion by 2022. The region retained the largest market share in 2022 and is expected to maintain its dominant position in the coming years This product is primarily leading plastics such as China and India. It should be extended to producing and consuming countries. In addition, cheap labor and raw materials were available locally, leading many manufacturers to set up manufacturing plants. China is a major producer of electronic devices such as laptops, televisions and smartphones. The rapid shift of consumers to devices for their daily activities is driving the market in this area.
Global Polymer Resin Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Polymer Resin Market Dynamics
Polymer Resin Market Drivers Rise in the Technological Advancements
- Technological advancement is a key growth factor in the surface cleaner's market. Innovative coatings provide protection against fragile elements. They are intended to prevent corrosion, prevent corridors, protect against volatile/acidic chemicals and cleaning agents and improve line performance. To meet customer demand, large chemical manufacturing companies' cleaners focus on developing cutting-edge technical solutions. For example, the Swiss appliance manufacturer ABB released low-voltage fireproof appliances for explosive situations in January 2022. ABB's fireproof appliances that are not many dens are able to withstand even the worst weather conditions due to fresh surface treatments.
Rise of Coupled Manufacturing Projects in Emerging Automotive Industry
- Increasing urbanization and expanding automotive industry leads to tremendous growth in the market The tremendous growth in global population has led to an increase in construction projects, and consequently chemicals surface cleaning requirements have increased. They also play an important role in improving performance.
Polymer Resin Market Restraints
Changes In Crude Oil Prices to Restrain Market Growth
- One of the most important challenges affecting the growth of the market is the fluctuations in the price of crude oil, further affecting the overall price of the resin. Most plastic resin petrochemical feedstocks are produced as by-products of oil and natural gas production. The prices of these foods are greatly affected by large fluctuations in the price of oil. Oil prices are affected by many factors, including the laws of supply and demand, natural disasters and changes in production costs. This affects the overall price of the resin, thus acting as a risk factor for market growth. Strict environmental regulations imposed by governments to reduce the use of plastics will hamper the growth of the market. According to the United Nations Environment Program (UNEP), more than 99% of plastics are made from chemicals derived from oil, natural gas and coal, all of which are polluted and recycled These plastics do not touch only the environment but adversely affects people, wildlife habitats and wildlife.
Restrictions Imposed by Governments
- Restrictions imposed by governments on excessive use of non-renewable resources including crude oil & petroleum are restraining the market as resins are made from non-renewable resources. This leads to an imbalance between supply and demand that prevents the demand of end users from being met.
Request Free Customization of this report to help us to meet your business objectives.
Polymer Resin Market Competitive Landscape
The competitive environment of the Global Polymer Resin Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Polymer Resin Market Top Player’s Company Profiles
- DuPont
- Evonik Industries AG
- Sumitomo Chemical Co., Ltd.
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co., LLC
- LOTTE Chemical Corporation
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- TORAY INDUSTRIES, INC.
- MITSUI & CO. LTD
- TEIJIN LIMITED
- LG Chem
- Avient Corporation
Polymer Resin Market Recent Developments
- May 2023: LyondellBasell forms a plastic recycling joint venture (JV) with Veolia Belgium and Quality Circular Polymer (QCP). Under the agreement, LyondellBasell purchased Veolia Belgium’s 50% stake in QCP to become the sole owner of the company. The acquisition is in line with LyondellBasell’s strategy to create a successful circular economy and a company that provides low carbon solutions to meet the growing demand for environmentally friendly products and services meet.
- In March 2023, LyondellBasell and the Maypole Group entered into a definitive agreement to acquire the Maypole Group. This acquisition demonstrates LyondellBasell’s commitment to growing the circular economy.
- Nov-2022: Shell PLC subsidiary Shell Chemical Appalachia LLC announced that the Pennsylvania Chemical Project Shell Polymers Monaca (SPM) has commenced operations The Pennsylvania plant, targeted at 1.6 million tons per year, is the primary polyethylene plant first in the northeastern United States.
Polymer Resin Key Market Trends
- Bio-based Polymer Resins are Gaining Traction as Sustainable Packaging Solutions: Bio-based polymer resin has emerged as a key solution to address environmental sustainability and negative impacts of traditional plastic packaging. While plastic pollution and negative impacts are being recognized to cause ecological impact, consumers, industry and governments are increasingly adopting bio-based polymer resins. The trend is driven by several major factors involving several key packaging materials. Benefits and potential of bio- based polymer resins so to transition the industry into a more sustainable future with an emphasis. Conventional petroleum-based plastics have long been the primary choice for packaging due to their cost - efficient, versatile and consistent. But their indestructible ecology and environmental sustainability have led to an incredible accumulation of plastic litter, posing a serious threat to marine life, wildlife and human health.
Polymer Resin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
In recent years, technological advances and innovations have greatly improved the performance and efficiency of bio-based polymer resins. Manufacturers are now able to modify the properties of these materials to suit different packaging needs, such as flexibility, barrier properties, strength and consequently bio-based polymeric resins are gaining profitability largely in a wide range of industries such as food, beverage, cosmetics and pharmaceutical. Government laws and regulations play an important role in promoting the adoption of bio-based polymer resin. Many states and provinces have implemented strategies to limit or ban single-use plastic packaging and have encouraged businesses to look for sustainable alternatives in addition to governments offering incentives or grants for promoting the use of organic products, further stimulating market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.2 Billion |
| Market size value in 2031 | USD 13.43 Billion |
| Growth Rate | 8.97% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Polymer Resin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Polymer Resin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Polymer Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polymer Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polymer Resin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polymer Resin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
